Franklin TN condo and townhome sales for February 2014 continue to be brisk. In February 2014 we saw the following:
Condos and Townhomes currently on the market (as of 3/17/2014): 62 units- Of those units on the market, the number currently under contract: 20
- Properties closed in February 2014: 15
- Average Sales Price: $201,983
- Average List Price: $204,046
- Sales price to list price ratio: 99%
- Average days on the market: 56
- Sales currently pending: 42
- Condo and Townhome absorption rate: 4.1 months (number of units on the market divided by the number of closings for that month) A normal or steady market would be 5-7 months; anything under 5 months would be considered a seller's market; anything over 7 months would be considered a buyer's market.
Franklin TN Condo and Townhome Sales for February 2014 reflect a seller's market. The days on the market is low and the sales price to list price ratio is high. This is an excellent time for Condo and Townhome owners to list their Franklin TN home.
With 42 sales currently pending and 20 under contract, the absorption rate is very likely to drop dramatically in the next month. This will create even more competition among buyers for the homes on the market.
In this market, buyers should be prepared to act quickly when considering the purchase of a Condo or Townhome in Franklin TN. Buyers should have the assistance of an experienced buyer's agent to guide them through the steps necessary to purchase the home they desire. Let TW Realty Group provide that assistance.
If you are interested in buying or selling a Franklin TN Condo or Townhome contact Tom White of TW Realty Group at (615) 870-8169.
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